UNITED STATES
                 SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549

                             FORM N-PX

	ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
      	      MANAGEMENT INVESTMENT COMPANY

Investment Company Act File number 811-2679 _____________________

		 DAVIS SERIES,INC.
_________________________________________________________________
       (Exact name of registrant as specified in charter)

DAVIS SERIES, INC.
2949 East Elvira Road, Suite 101
Tucson, Arizona 85706
_________________________________________________________________
(Address of principal executive offices)			(Zip code)

Registrant's telephone number, including area code: (212)891-5008

Date of fiscal year end:  12/31/2004____________

Date of reporting period: 07/01/2003-06/30/2004_


				SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940,
the registrant has duly casued this report to be signed on its behalf
by the undersigned, thereunto duly authorized.

Davis Series, Inc.
____________________________________________________________________
                         (Registrant)

Name:   Anthony Frazia, JD, CRCP
Title:    Director of Institutional Operations & Compliance
Phone:    (212) 891-5508
Signature, Place, and Date of Signing:
Anthony Frazia     New York, New York    August 30, 2004
____________________________________________________________________
                      By (Signature and Title)
<TABLE>
<C>		<C>

******************************* FORM N-Px REPORT *******************************

ICA File Number: 811-02679
Reporting Period: 07/01/2003 - 06/30/2004
Davis Series, Inc.


======================= DAVIS APPRECIATION & INCOME FUND =======================


CENTERPOINT PROPERTIES TRUST

Ticker:       CNT            Security ID:  151895109
Meeting Date: MAY 18, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Nicholas C. Babson        For       For        Management
1.2   Elect  Director Martin Barber             For       For        Management
1.3   Elect  Director Norman R. Bobins          For       For        Management
1.4   Elect  Director Alan D. Feld              For       For        Management
1.5   Elect  Director Paul S. Fisher            For       For        Management
1.6   Elect  Director John S. Gates, Jr.        For       For        Management
1.7   Elect  Director Michael M. Mullen         For       For        Management
1.8   Elect  Director Thomas E. Robinson        For       For        Management
1.9   Elect  Director John C. Staley            For       For        Management
1.10  Elect  Director Robert L. Stovall         For       For        Management
2     Increase Authorized Common Stock          For       For        Management


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CITIGROUP INC.

Ticker:       C              Security ID:  172967101
Meeting Date: APR 20, 2004   Meeting Type: Annual
Record Date:  FEB 27, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director C. Michael Armstrong      For       For        Management
1.2   Elect  Director Alain J.P. Belda          For       For        Management
1.3   Elect  Director George David              For       For        Management
1.4   Elect  Director Kenneth T. Derr           For       For        Management
1.5   Elect  Director John M. Deutch            For       For        Management
1.6   Elect  Director Roberto Hernandez Ramirez For       For        Management
1.7   Elect  Director Ann Dibble Jordan         For       For        Management
1.8   Elect  Director Dudley C. Mecum           For       For        Management
1.9   Elect  Director Richard D. Parsons        For       For        Management
1.10  Elect  Director Andrall E. Pearson        For       For        Management
1.11  Elect  Director Charles Prince            For       For        Management
1.12  Elect  Director Robert E. Rubin           For       For        Management
1.13  Elect  Director Franklin A. Thomas        For       For        Management
1.14  Elect  Director Sanford I. Weill          For       For        Management
1.15  Elect  Director Robert B. Willumstad      For       For        Management
2     Ratify Auditors                           For       For        Management
3     Limit Executive Compensation              Against   Against    Shareholder
4     Report on Political                       Against   Against    Shareholder
      Contributions/Activities
5     Prohibit Awards to Executives             Against   Against    Shareholder
6     Separate Chairman and CEO Positions       Against   Against    Shareholder


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COSTCO WHOLESALE CORPORATION

Ticker:       COST           Security ID:  22160K105
Meeting Date: JAN 29, 2004   Meeting Type: Annual
Record Date:  DEC 5, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Benjamin S. Carson, Sr.,   For       For        Management
      M.D. as Class II Director
1.2   Elect Director Hamilton E. James as Class For       For        Management
      II Director
1.3   Elect Director Jill S. Ruckelshaus as     For       For        Management
      Class II Director
1.4   Elect Director William H. Gates, II as    For       For        Management
      Class II Director
1.5   Elect Director Daniel J. Evans as Class I For       For        Management
      Director
2     Declassify the Board of Directors         Against   For        Shareholder
3     Develop Land Procurement Policy           Against   Against    Shareholder
4     Ratify Auditors                           For       For        Management


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GENERAL GROWTH PROPERTIES, INC.

Ticker:       GGP            Security ID:  370021107
Meeting Date: MAY 5, 2004    Meeting Type: Annual
Record Date:  MAR 17, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John Bucksbaum            For       For        Management
1.2   Elect  Director Alan Cohen                For       For        Management
1.3   Elect  Director Anthony Downs             For       For        Management
2     Ratify Auditors                           For       For        Management


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GENERAL GROWTH PROPERTIES, INC.

Ticker:       GGP            Security ID:  370021107
Meeting Date: NOV 20, 2003   Meeting Type: Special
Record Date:  OCT 20, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Increase in Common Stock and a    For       For        Management
      Stock Split


--------------------------------------------------------------------------------

MASCO CORP.

Ticker:       MAS            Security ID:  574599106
Meeting Date: MAY 11, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Peter A. Dow              For       For        Management
1.2   Elect  Director Anthony F. Earley, Jr.    For       For        Management
1.3   Elect  Director Wayne B. Lyon             For       For        Management
1.4   Elect  Director David L. Johnston         For       For        Management
1.5   Elect  Director J. Michael Losh           For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management


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MID-ATLANTIC REALTY TRUST

Ticker:       MRR            Security ID:  595232109
Meeting Date: SEP 30, 2003   Meeting Type: Special
Record Date:  AUG 4, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management


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NEWS CORPORATION LTD.

Ticker:       NWS            Security ID:  652487703
Meeting Date: OCT 15, 2003   Meeting Type: Annual
Record Date:  OCT 13, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Lachlan Murdoch as Director         For       For        Management
2     Elect Thomas Perkins as Director          For       For        Management
3     Elect Stanley Shuman as Director          For       For        Management
4     Elect Arthur Siskind as Director          For       For        Management
5     Approve Stock Option Plan Grants to       For       Against    Management
      Executive Directors
6     Approve Remuneration of Directors in the  For       For        Management
      Amount of Up to AUD 1.85 Million


--------------------------------------------------------------------------------

OCCIDENTAL PETROLEUM CORP.

Ticker:       OXY            Security ID:  674599105
Meeting Date: APR 30, 2004   Meeting Type: Annual
Record Date:  MAR 3, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ronald W. Burkle          For       For        Management
1.2   Elect  Director John S. Chalsty           For       For        Management
1.3   Elect  Director Edward P. Djerejian       For       For        Management
1.4   Elect  Director R. Chad Dreier            For       For        Management
1.5   Elect  Director John E. Feick             For       For        Management
1.6   Elect  Director Ray R. Irani              For       For        Management
1.7   Elect  Director Dale R. Laurance          For       For        Management
1.8   Elect  Director Irvin W. Maloney          For       For        Management
1.9   Elect  Director Rodolfo Segovia           For       For        Management
1.10  Elect  Director Aziz D. Syriani           For       For        Management
1.11  Elect  Director Rosemary Tomich           For       For        Management
1.12  Elect  Director Walter L. Weisman         For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Non-Employee Director Restricted    For       For        Management
      Stock Plan
4     Prohibit Awards to Executives             Against   Against    Shareholder


--------------------------------------------------------------------------------

QUANTA SERVICES, INC.

Ticker:       PWR            Security ID:  74762E102
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James R. Ball             For       For        Management
1.2   Elect  Director John R. Colson            For       For        Management
1.3   Elect  Director Bernard Fried             For       For        Management
1.4   Elect  Director H. Jarrell Gibbs          For       For        Management
1.5   Elect  Director Louis C. Golm             For       For        Management
1.6   Elect  Director Ben A. Guill              For       Withhold   Management
1.7   Elect  Director Thomas J. Sikorski        For       For        Management
1.8   Elect  Director Gary A. Tucci             For       For        Management
1.9   Elect  Director John R. Wilson            For       For        Management


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SAP AG

Ticker:       SZXP10         Security ID:  803054204
Meeting Date: MAY 6, 2004    Meeting Type: Annual
Record Date:  MAR 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     RESOLUTION ON THE APPROPRIATION OF THE    For       For        Management
      RETAINED EARNINGS OF THE FISCAL YEAR 2003
2     RESOLUTION ON THE FORMAL APPROVAL OF THE  For       For        Management
      ACTS OF THE EXECUTIVE BOARD IN THE FISCAL
      YEAR 2003
3     RESOLUTION ON THE FORMAL APPROVAL OF THE  For       For        Management
      ACTS OF THE SUPERVISORY BOARD IN THE
      FISCAL YEAR 2003
4     Ratify Auditors                           For       For        Management
5     RESOLUTION ON ADJUSTMENTS TO SECTION 4 OF For       For        Management
      THE ARTICLES OF ASSOCIATION
6     RESOLUTION ON THE AUTHORIZATION TO        For       For        Management
      ACQUIRE AND USE TREASURY SHARES
7     RESOLUTION ON THE AUTHORIZATION TO USE    For       Against    Management
      EQUITY DERIVATIVES IN CONNECTION WITH THE
      ACQUISITION OF TREASURY SHARES


--------------------------------------------------------------------------------

SL GREEN REALTY CORP.

Ticker:       SLG            Security ID:  78440X101
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edwin Thomas Burton, III  For       For        Management
2     Ratify Auditors                           For       For        Management


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THORNBURG MORTGAGE, INC.

Ticker:       TMA            Security ID:  885218107
Meeting Date: APR 20, 2004   Meeting Type: Annual
Record Date:  MAR 10, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Anne-Drue M. Anderson     For       For        Management
1.2   Elect  Director David A. Ater             For       Withhold   Management
1.3   Elect  Director Larry A. Goldstone        For       Withhold   Management
1.4   Elect  Director Ike Kalangis              For       Withhold   Management


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VORNADO REALTY TRUST

Ticker:       VNO            Security ID:  929042109
Meeting Date: MAY 27, 2004   Meeting Type: Annual
Record Date:  APR 16, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Trustee Robert P. Kogod            For       For        Management
1.2   Elect  Trustee David Mandelbaum           For       For        Management
1.3   Elect  Trustee Richard R. West            For       For        Management
2     Ratify Auditors                           For       For        Management


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WCI COMMUNITIES INC

Ticker:       WCI            Security ID:  92923C104
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director F. Philip Handy           For       For        Management
1.2   Elect  Director Jerry L. Starkey          For       For        Management
1.3   Elect  Director Kathleen M. Shanahan      For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management




============================= DAVIS FINANCIAL FUND =============================


ALTRIA GROUP, INC.

Ticker:       MO             Security ID:  02209S103
Meeting Date: APR 29, 2004   Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Elizabeth E. Bailey       For       For        Management
1.2   Elect  Director Mathis Cabiallavetta      For       For        Management
1.3   Elect  Director Louis C. Camilleri        For       For        Management
1.4   Elect  Director J. Dudley Fishburn        For       For        Management
1.5   Elect  Director Robert E. R. Huntley      For       For        Management
1.6   Elect  Director Thomas W. Jones           For       For        Management
1.7   Elect  Director Lucio A. Noto             For       For        Management
1.8   Elect  Director John S. Reed              For       For        Management
1.9   Elect  Director Carlos Slim Helu          For       For        Management
1.10  Elect  Director Stephen M. Wolf           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Product Warnings for Pregnant   Against   Against    Shareholder
      Women
4     Report on Health Risks Associated with    Against   Against    Shareholder
      Cigarette Filters
5     Political Contributions/Activities        Against   Against    Shareholder
6     Cease Use of Light and Ultra Light in     Against   Against    Shareholder
      Cigarette Marketing
7     Place Canadian Style Warnings on          Against   Against    Shareholder
      Cigarette Packaging
8     Separate Chairman and CEO Positions       Against   Against    Shareholder


--------------------------------------------------------------------------------

AMERICAN EXPRESS CO.

Ticker:       AXP            Security ID:  025816109
Meeting Date: APR 26, 2004   Meeting Type: Annual
Record Date:  FEB 27, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Daniel F. Akerson         For       For        Management
1.2   Elect  Director Charlene Barshefsky       For       For        Management
1.3   Elect  Director William G. Bowen          For       For        Management
1.4   Elect  Director Ursula M. Burns           For       For        Management
1.5   Elect  Director Kenneth I. Chenault       For       For        Management
1.6   Elect  Director Peter R. Dolan            For       For        Management
1.7   Elect  Director Vernon E. Jordan, Jr.     For       For        Management
1.8   Elect  Director Jan Leschly               For       For        Management
1.9   Elect  Director Richard A. McGinn         For       For        Management
1.10  Elect  Director Edward D. Miller          For       For        Management
1.11  Elect  Director Frank P. Popoff           For       For        Management
1.12  Elect  Director Robert D. Walter          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Establish Term Limits for Directors       Against   Against    Shareholder
4     Report on Political                       Against   Against    Shareholder
      Contributions/Activities


--------------------------------------------------------------------------------

AMERICAN INTERNATIONAL GROUP, INC.

Ticker:       AIG            Security ID:  026874107
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director M. Bernard Aidinoff       For       For        Management
1.2   Elect  Director Pei-Yuan Chia             For       For        Management
1.3   Elect  Director Marshall A. Cohen         For       For        Management
1.4   Elect  Director Willaim S. Cohen          For       For        Management
1.5   Elect  Director Martin S. Feldstein       For       For        Management
1.6   Elect  Director Ellen V. Futter           For       For        Management
1.7   Elect  Director Maurice R. Greenberg      For       For        Management
1.8   Elect  Director Carla A. Hills            For       For        Management
1.9   Elect  Director Frank J. Hoenemeyer       For       For        Management
1.10  Elect  Director Richard C. Holbrooke      For       For        Management
1.11  Elect  Director Donald P. Kanak           For       For        Management
1.12  Elect  Director Howard I. Smith           For       For        Management
1.13  Elect  Director Martin J. Sullivan        For       For        Management
1.14  Elect  Director Edmund S.W. Tse           For       For        Management
1.15  Elect  Director Frank G. Zarb             For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Approve Non-Employee Director Stock       For       For        Management
      Option Plan
4     Ratify Auditors                           For       For        Management
5     Report on Political                       Against   Against    Shareholder
      Contributions/Activities
6     Divest from Tobacco Equities              Against   Against    Shareholder
7     Link Executive Compensation to Predatory  Against   Against    Shareholder
      Lending


--------------------------------------------------------------------------------

AON CORP.

Ticker:       AOC            Security ID:  037389103
Meeting Date: MAY 21, 2004   Meeting Type: Annual
Record Date:  MAR 24, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Patrick G. Ryan           For       Withhold   Management
1.2   Elect  Director Edgar D. Jannotta         For       Withhold   Management
1.3   Elect  Director Jan Kalff                 For       Withhold   Management
1.4   Elect  Director Lester B. Knight          For       Withhold   Management
1.5   Elect  Director J. Michael Losh           For       Withhold   Management
1.6   Elect  Director R. Eden Martin            For       Withhold   Management
1.7   Elect  Director Andrew J. McKenna         For       Withhold   Management
1.8   Elect  Director Robert S. Morrison        For       Withhold   Management
1.9   Elect  Director Richard C. Notebaert      For       Withhold   Management
1.10  Elect  Director Michael D. O'Halleran     For       Withhold   Management
1.11  Elect  Director John W. Rogers, Jr.       For       Withhold   Management
1.12  Elect  Director Gloria Santona            For       Withhold   Management
1.13  Elect  Director Carolyn Y. Woo            For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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BANK ONE CORP.

Ticker:       ONE            Security ID:  06423A103
Meeting Date: MAY 25, 2004   Meeting Type: Annual
Record Date:  APR 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2.1   Elect  Director John H. Bryan             For       For        Management
2.2   Elect  Director Stephen B. Burke          For       For        Management
2.3   Elect  Director James S. Crown            For       For        Management
2.4   Elect  Director James Dimon               For       For        Management
2.5   Elect  Director Maureen A. Fay            For       For        Management
2.6   Elect  Director Laban P. Jackson, Jr.     For       For        Management
2.7   Elect  Director John W. Kessler           For       For        Management
2.8   Elect  Director Robert I. Lipp            For       For        Management
2.9   Elect  Director Richard A. Manoogian      For       For        Management
2.10  Elect  Director David C. Novak            For       For        Management
2.11  Elect  Director John W. Rogers, Jr.       For       For        Management
2.12  Elect  Director Frederick P. Stratton,    For       For        Management
      Jr.
3     Ratify Auditors                           For       For        Management


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BERKSHIRE HATHAWAY INC.

Ticker:       BRK.A          Security ID:  084670108
Meeting Date: MAY 1, 2004    Meeting Type: Annual
Record Date:  MAR 3, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Warren E. Buffett          For       For        Management
1.2   Elect Director Charles T. Munger          For       For        Management
1.3   Elect Director Susan T. Buffett           For       For        Management
1.4   Elect Director Howard G. Buffett          For       For        Management
1.5   Elect Director Malcolm G. Chace           For       For        Management
1.6   Elect Director David S. Gottesman         For       For        Management
1.7   Elect Director Charlotte Guyman           For       For        Management
1.8   Elect Director Donald R. Keough           For       For        Management
1.9   Elect Director Thomas S. Murphy           For       For        Management
1.10  Elect Director Ronald L. Olson            For       For        Management
1.11  Elect Director Walter Scott, Jr.          For       For        Management
2     Report on Political                       Against   Against    Shareholder
      Contributions/Activities


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CHINA LIFE INSURANCE CO

Ticker:                      Security ID:  16939P106
Meeting Date: JUN 18, 2004   Meeting Type: Annual
Record Date:  MAY 17, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO REVIEW AND APPROVE THE REPORT OF THE   For       For        Management
      BOARD OF DIRECTORS OF THE COMPANY FOR THE
      YEAR 2003.
2     TO REVIEW AND APPROVE THE REPORT OF THE   For       For        Management
      SUPERVISORY COMMITTEE OF THE COMPANY FOR
      THE YEAR 2003.
3     TO REVIEW AND APPROVE THE AUDITED         For       For        Management
      FINANCIAL STATEMENTS AND THE AUDITORS
      REPORT FOR THE YEAR ENDED DECEMBER 31,
      2003.
4     Ratify Auditors                           For       For        Management
5     TO APPOINT MR. DANIEL JOSEPH KUNESH,      For       For        Management
      NOMINATED BY THE BOARD OF DIRECTORS, AS
      AN ADDITIONAL INDEPENDENT NON-EXECUTIVE
      DIRECTOR.
6     TO APPOINT MR. SUN SHUYI, NOMINATED BY    For       For        Management
      THE BOARD OF DIRECTORS, AS AN ADDITIONAL
      INDEPENDENT NON-EXECUTIVE DIRECTOR.
7     TO APPOINT MR. CAI RANG, NOMINATED BY THE For       For        Management
      BOARD OF DIRECTORS, AS AN ADDITIONAL
      INDEPENDENT NON-EXECUTIVE DIRECTOR.
8     TO APPOINT MR. FAN YINGJUN, NOMINATED BY  For       For        Management
      THE BOARD OF DIRECTORS, AS AN ADDITIONAL
      INDEPENDENT NON-EXECUTIVE DIRECTOR.
9     TO APPOINT MR. REN HONGBIN, NOMINATED BY  For       For        Management
      THE SUPERVISORY COMMITTEE, AS AN
      ADDITIONAL MEMBER OF THE SUPERVISORY
      COMMITTEE.
10    TO APPOINT MR. TIAN HUI, NOMINATED BY THE For       For        Management
      SUPERVISORY COMMITTEE, AS AN ADDITIONAL
      MEMBER OF THE SUPERVISORY COMMITTEE.
11    TO AMEND THE ARTICLES OF ASSOCIATION OF   For       For        Management
      THE COMPANY.
12    TO GIVE A GENERAL MANDATE TO THE BOARD OF For       Against    Management
      DIRECTORS TO ISSUE, ALLOT AND DEAL WITH
      ADDITIONAL DOMESTIC SHARES AND OVERSEAS
      LISTED FOREIGN SHARES OF THE COMPANY.


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CINCINNATI FINANCIAL CORP.

Ticker:       CINF           Security ID:  172062101
Meeting Date: APR 24, 2004   Meeting Type: Annual
Record Date:  FEB 27, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael Brown             For       For        Management
1.2   Elect  Director Dirk J. Debbink           For       For        Management
1.3   Elect  Director Robert C. Schiff          For       Withhold   Management
1.4   Elect  Director John M. Shepherd          For       Withhold   Management
1.5   Elect  Director Douglas S. Skidmore       For       For        Management
2     Ratify Auditors                           For       Against    Management


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CITIGROUP INC.

Ticker:       C              Security ID:  172967101
Meeting Date: APR 20, 2004   Meeting Type: Annual
Record Date:  FEB 27, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director C. Michael Armstrong      For       For        Management
1.2   Elect  Director Alain J.P. Belda          For       For        Management
1.3   Elect  Director George David              For       For        Management
1.4   Elect  Director Kenneth T. Derr           For       For        Management
1.5   Elect  Director John M. Deutch            For       For        Management
1.6   Elect  Director Roberto Hernandez Ramirez For       For        Management
1.7   Elect  Director Ann Dibble Jordan         For       For        Management
1.8   Elect  Director Dudley C. Mecum           For       For        Management
1.9   Elect  Director Richard D. Parsons        For       For        Management
1.10  Elect  Director Andrall E. Pearson        For       For        Management
1.11  Elect  Director Charles Prince            For       For        Management
1.12  Elect  Director Robert E. Rubin           For       For        Management
1.13  Elect  Director Franklin A. Thomas        For       For        Management
1.14  Elect  Director Sanford I. Weill          For       For        Management
1.15  Elect  Director Robert B. Willumstad      For       For        Management
2     Ratify Auditors                           For       For        Management
3     Limit Executive Compensation              Against   Against    Shareholder
4     Report on Political                       Against   Against    Shareholder
      Contributions/Activities
5     Prohibit Awards to Executives             Against   Against    Shareholder
6     Separate Chairman and CEO Positions       Against   Against    Shareholder


--------------------------------------------------------------------------------

COMMERCE BANCORP, INC.

Ticker:       CBH            Security ID:  200519106
Meeting Date: JUN 11, 2004   Meeting Type: Annual
Record Date:  APR 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Vernon W. Hill, II        For       For        Management
1.2   Elect  Director Robert C. Beck            For       For        Management
1.3   Elect  Director Jack R Bershad            For       For        Management
1.4   Elect  Director Joseph E. Buckelew        For       For        Management
1.5   Elect  Director Donald T. Difrancesco     For       For        Management
1.6   Elect  Director John P. Ferguson          For       For        Management
1.7   Elect  Director Morton N. Kerr            For       For        Management
1.8   Elect  Director Steven M. Lewis           For       For        Management
1.9   Elect  Director George E. Norcross, III   For       For        Management
1.10  Elect  Director Joseph J. Plumeri, II     For       For        Management
1.11  Elect  Director Daniel J. Ragone          For       For        Management
1.12  Elect  Director Wm. A. Schwartz, Jr.      For       For        Management
1.13  Elect  Director Joseph T. Tarquini, Jr.   For       For        Management
2     Approve Stock Option Plan                 For       Against    Management
3     Increase Authorized Common Stock          For       Against    Management
4     Ratify Auditors                           For       For        Management


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DUN & BRADSTREET CORP, THE

Ticker:       DNB            Security ID:  26483E100
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 11, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John W. Alden             For       For        Management
1.2   Elect  Director Allan Z. Loren            For       For        Management
1.3   Elect  Director Victor A. Pelson          For       For        Management
2     Ratify Auditors                           For       For        Management


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EVEREST RE GROUP LTD

Ticker:       RE             Security ID:  G3223R108
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 24, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Kenneth J. Duffy          For       For        Management
1.2   Elect  Director Joseph V. Taranto         For       For        Management
2     Ratify Auditors                           For       For        Management


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FIFTH THIRD BANCORP

Ticker:       FITB           Security ID:  316773100
Meeting Date: MAR 23, 2004   Meeting Type: Annual
Record Date:  JAN 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Darryl F. Allen           For       For        Management
1.2   Elect  Director Allen M. Hill             For       For        Management
1.3   Elect  Director Dr Mitchel D Livingston   For       For        Management
1.4   Elect  Director Hendrik G. Meijer         For       For        Management
1.5   Elect  Director James E. Rogers           For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management
4     Adopt Sexual Orientation                  None      For        Shareholder
      Non-Discrimination Policy


--------------------------------------------------------------------------------

FPIC INSURANCE GROUP, INC.

Ticker:       FPIC           Security ID:  302563101
Meeting Date: JUN 2, 2004    Meeting Type: Annual
Record Date:  APR 7, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John K. Anderson, Jr.     For       For        Management
1.2   Elect  Director M.C. Harden, III          For       For        Management
1.3   Elect  Director John G. Rich, Esq.        For       For        Management
1.4   Elect  Director Joan D. Ruffier           For       For        Management
2     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
3     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
4     Amend Omnibus Stock Plan                  For       For        Management
5     Amend Employee Stock Purchase Plan        For       For        Management


--------------------------------------------------------------------------------

GOLDEN WEST FINANCIAL CORP.

Ticker:       GDW            Security ID:  381317106
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  MAR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Patricia A. King          For       For        Management
1.2   Elect  Director Marion O. Sandler         For       For        Management
1.3   Elect  Director Leslie Tang Schilling     For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

H&R  BLOCK, INC.

Ticker:       HRB            Security ID:  093671105
Meeting Date: SEP 10, 2003   Meeting Type: Annual
Record Date:  JUL 8, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director G. Kenneth Baum            For       For        Management
1.2   Elect Director Henry F. Frigon            For       For        Management
1.3   Elect Director Roger W. Hale              For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

LOEWS CORP.

Ticker:       LTR            Security ID:  540424108
Meeting Date: MAY 11, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Joseph L. Bower           For       For        Management
1.2   Elect  Director John Brademas             For       For        Management
1.3   Elect  Director Charles M. Diker          For       For        Management
1.4   Elect  Director Paul J. Fribourg          For       For        Management
1.5   Elect  Director Philip A. Laskawy         For       For        Management
1.6   Elect  Director Gloria R. Scott           For       For        Management
1.7   Elect  Director Andrew H. Tisch           For       For        Management
1.8   Elect  Director James S. Tisch            For       For        Management
1.9   Elect  Director Jonathan M. Tisch         For       For        Management
1.10  Elect  Director Preston R. Tisch          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Provide for Cumulative Voting             Against   Against    Shareholder
4     Support Legislation and Make Public       Against   Against    Shareholder
      Statements on Environmental Tobacco Smoke
5     Cease Charitable Contributions            Against   Against    Shareholder


--------------------------------------------------------------------------------

MARKEL CORP.

Ticker:       MKL            Security ID:  570535104
Meeting Date: MAY 11, 2004   Meeting Type: Annual
Record Date:  MAR 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Douglas C. Eby            For       For        Management
1.2   Elect  Director Leslie A. Grandis         For       Withhold   Management
1.3   Elect  Director Stewart M. Kasen          For       Withhold   Management
1.4   Elect  Director Alan I. Kirshner          For       Withhold   Management
1.5   Elect  Director Anthony F. Markel         For       Withhold   Management
1.6   Elect  Director Steven A. Markel          For       Withhold   Management
1.7   Elect  Director Jay M. Weinberg           For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

MOODY'S CORPORATION

Ticker:       MCO            Security ID:  615369105
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  MAR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Basil L. Anderson         For       For        Management
1.2   Elect  Director Raymond W Mcdaniel Jr.    For       For        Management
1.3   Elect  Director John Rutherfurd, Jr.      For       For        Management
1.4   Elect  Director John K. Wulff             For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Ratify Auditors                           For       For        Management
5     Performance- Based                        Against   Against    Shareholder


--------------------------------------------------------------------------------

PROGRESSIVE CORP., THE

Ticker:       PGR            Security ID:  743315103
Meeting Date: APR 16, 2004   Meeting Type: Annual
Record Date:  FEB 18, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Peter B. Lewis            For       For        Management
1.2   Elect  Director Glenn M. Renwick          For       For        Management
1.3   Elect  Director Donald B. Shackelford     For       For        Management
2     Amend Articles to Issue Shares without    For       For        Management
      Issuing Physical Certificates
3     Approve Executive Incentive Bonus Plan    For       For        Management
4     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

PROVIDIAN FINANCIAL CORP.

Ticker:       PVN            Security ID:  74406A102
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John L. Douglas           For       For        Management
1.2   Elect  Director J. David Grissom          For       For        Management
1.3   Elect  Director Robert J. Higgins         For       For        Management
1.4   Elect  Director Francesca Ruiz de         For       For        Management
      Luzuriaga
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

SEALED AIR CORP.

Ticker:       SEE            Security ID:  81211K100
Meeting Date: MAY 5, 2004    Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Hank Brown                For       For        Management
1.2   Elect  Director Michael Chu               For       For        Management
1.3   Elect  Director Lawrence R. Codey         For       For        Management
1.4   Elect  Director T.J. Dermot Dunphy        For       For        Management
1.5   Elect  Director Charles F. Farrell, Jr.   For       For        Management
1.6   Elect  Director William V. Hickey         For       For        Management
1.7   Elect  Director Kenneth P. Manning        For       For        Management
1.8   Elect  Director William J. Marino         For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

TRANSATLANTIC HOLDINGS, INC.

Ticker:       TRH            Security ID:  893521104
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James Balog               For       For        Management
1.2   Elect  Director C. Fred Bergsten          For       For        Management
1.3   Elect  Director Maurice R. Greenberg      For       For        Management
1.4   Elect  Director Tomio Higuchi             For       For        Management
1.5   Elect  Director John J. Mackowski         For       For        Management
1.6   Elect  Director Edward E. Matthews        For       For        Management
1.7   Elect  Director Robert F. Orlich          For       For        Management
1.8   Elect  Director Howard I. Smith           For       For        Management
1.9   Elect  Director Thomas R. Tizzio          For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

TYCO INTERNATIONAL LTD.

Ticker:       TYC            Security ID:  902124106
Meeting Date: MAR 25, 2004   Meeting Type: Annual
Record Date:  MAR 25, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Dennis C. Blair           For       For        Management
1.2   Elect  Director Edward D. Breen           For       For        Management
1.3   Elect  Director George W. Buckley         For       For        Management
1.4   Elect  Director Brian Duperreault         For       For        Management
1.5   Elect  Director Bruce S. Gordon           For       For        Management
1.6   Elect  Director John A. Krol              For       For        Management
1.7   Elect  Director Mackey J. Mcdonald        For       For        Management
1.8   Elect  Director H. Carl Mccall            For       For        Management
1.9   Elect  Director Brendan R. O'Neill        For       For        Management
1.10  Elect  Director Sandra S. Wijnberg        For       For        Management
1.11  Elect  Director Jerome B. York            For       For        Management
2     Ratify Auditors                           For       For        Management
3     ADOPTION OF THE AMENDED AND RESTATED      For       For        Management
      BYE-LAWS.
4     APPROVAL OF TYCO 2004 STOCK AND INCENTIVE For       For        Management
      PLAN.
5     SHAREHOLDER PROPOSAL REGARDING            For       For        Shareholder
      ENVIRONMENTAL REPORTING.
6     SHAREHOLDER PROPOSAL TO CHANGE TYCO S     Against   Against    Shareholder
      JURISDICTION OF INCORPORATION FROM
      BERMUDA TO A U.S. STATE.
7     SHAREHOLDER PROPOSAL ON  COMMON SENSE     Against   Against    Shareholder
      EXECUTIVE COMPENSATION.




============================ DAVIS OPPORTUNITY FUND ============================


ABERCROMBIE & FITCH CO.

Ticker:       ANF            Security ID:  002896207
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John A. Golden            For       For        Management
1.2   Elect  Director Seth R. Johnson           For       For        Management
1.3   Elect  Director Edward F. Limato          For       For        Management


--------------------------------------------------------------------------------

AFLAC INCORPORATED

Ticker:       AFL            Security ID:  001055102
Meeting Date: MAY 3, 2004    Meeting Type: Annual
Record Date:  FEB 25, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Daniel P. Amos            For       For        Management
1.2   Elect  Director John Shelby Amos II       For       For        Management
1.3   Elect  Director Michael H. Armacost       For       Withhold   Management
1.4   Elect  Director Kriss Cloninger III       For       For        Management
1.5   Elect  Director Joe Frank Harris          For       For        Management
1.6   Elect  Director Elizabeth J. Hudson       For       For        Management
1.7   Elect  Director Kenneth S. Janke, Sr.     For       For        Management
1.8   Elect  Director Douglas W. Johnson        For       For        Management
1.9   Elect  Director Robert B. Johnson         For       For        Management
1.10  Elect  Director Charles B. Knapp          For       For        Management
1.11  Elect  Director Hidefumi Matsui           For       For        Management
1.12  Elect  Director Nobuhiro Mori             For       For        Management
1.13  Elect  Director E. Stephen Purdom, M.D.   For       For        Management
1.14  Elect  Director Barbara K. Rimer, Ph.D.   For       For        Management
1.15  Elect  Director Marvin R. Schuster        For       For        Management
1.16  Elect  Director Glenn Vaughn, Jr.         For       For        Management
1.17  Elect  Director Robert L. Wright          For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

AGERE SYSTEMS INC

Ticker:       AGR.A          Security ID:  00845V100
Meeting Date: FEB 19, 2004   Meeting Type: Annual
Record Date:  DEC 22, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard L. Clemmer        For       For        Management
1.2   Elect  Director John T. Dickson           For       For        Management


--------------------------------------------------------------------------------

AGILENT TECHNOLOGIES INC.

Ticker:       A              Security ID:  00846U101
Meeting Date: MAR 2, 2004    Meeting Type: Annual
Record Date:  JAN 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James G. Cullen            For       Withhold   Management
1.2   Elect Director Robert L. Joss             For       Withhold   Management
1.3   Elect Director Walter B. Hewlett          For       Withhold   Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

ALTRIA GROUP, INC.

Ticker:       MO             Security ID:  02209S103
Meeting Date: APR 29, 2004   Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Elizabeth E. Bailey       For       For        Management
1.2   Elect  Director Mathis Cabiallavetta      For       For        Management
1.3   Elect  Director Louis C. Camilleri        For       For        Management
1.4   Elect  Director J. Dudley Fishburn        For       For        Management
1.5   Elect  Director Robert E. R. Huntley      For       For        Management
1.6   Elect  Director Thomas W. Jones           For       For        Management
1.7   Elect  Director Lucio A. Noto             For       For        Management
1.8   Elect  Director John S. Reed              For       For        Management
1.9   Elect  Director Carlos Slim Helu          For       For        Management
1.10  Elect  Director Stephen M. Wolf           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Product Warnings for Pregnant   Against   Against    Shareholder
      Women
4     Report on Health Risks Associated with    Against   Against    Shareholder
      Cigarette Filters
5     Political Contributions/Activities        Against   Against    Shareholder
6     Cease Use of Light and Ultra Light in     Against   Against    Shareholder
      Cigarette Marketing
7     Place Canadian Style Warnings on          Against   Against    Shareholder
      Cigarette Packaging
8     Separate Chairman and CEO Positions       Against   Against    Shareholder


--------------------------------------------------------------------------------

AMERISOURCEBERGEN CORP

Ticker:       ABC            Security ID:  03073E105
Meeting Date: MAR 5, 2004    Meeting Type: Annual
Record Date:  JAN 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edward E. Hagenlocker     For       For        Management
1.2   Elect  Director Kurt J. Hilzinger         For       For        Management


--------------------------------------------------------------------------------

APOGENT TECHNOLOGIES INC.

Ticker:       AOT            Security ID:  03760A101
Meeting Date: JAN 27, 2004   Meeting Type: Annual
Record Date:  DEC 1, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Mary G. Puma               For       For        Management
1.2   Elect Director Simon B. Rich              For       For        Management
1.3   Elect Director Joe L. Roby                For       For        Management
1.4   Elect Director Kenneth F. Yontz           For       For        Management


--------------------------------------------------------------------------------

APPLIED MATERIALS, INC.

Ticker:       AMAT           Security ID:  038222105
Meeting Date: MAR 24, 2004   Meeting Type: Annual
Record Date:  JAN 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael H. Armacost       For       For        Management
1.2   Elect  Director Deborah A. Coleman        For       For        Management
1.3   Elect  Director Herbert M. Dwight, Jr.    For       For        Management
1.4   Elect  Director Philip V. Gerdine         For       For        Management
1.5   Elect  Director Paul R. Low               For       For        Management
1.6   Elect  Director Dan Maydan                For       For        Management
1.7   Elect  Director Steven L. Miller          For       For        Management
1.8   Elect  Director James C. Morgan           For       For        Management
1.9   Elect  Director Gerhard H. Parker         For       For        Management
1.10  Elect  Director Michael R. Splinter       For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management


--------------------------------------------------------------------------------

ARAMARK CORP

Ticker:       RMK            Security ID:  038521100
Meeting Date: FEB 3, 2004    Meeting Type: Annual
Record Date:  DEC 10, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Joseph Neubauer            For       For        Management
1.2   Elect Director Lawrence T. Babbio, Jr.    For       For        Management
1.3   Elect Director William Leonard            For       For        Management
1.4   Elect Director Karl M. von der Heyden     For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

AUTOMATIC DATA PROCESSING, INC.

Ticker:       ADP            Security ID:  053015103
Meeting Date: NOV 11, 2003   Meeting Type: Annual
Record Date:  SEP 12, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Gregory D. Brenneman       For       For        Management
1.2   Elect Director Leslie A. Brun             For       For        Management
1.3   Elect Director Gary C. Butler             For       For        Management
1.4   Elect Director Joseph A. Califano, Jr.    For       For        Management
1.5   Elect Director Leon G. Cooperman          For       For        Management
1.6   Elect Director Ann Dibble Jordan          For       For        Management
1.7   Elect Director Harvey M. Krueger          For       For        Management
1.8   Elect Director Frederic V. Malek          For       For        Management
1.9   Elect Director Henry Taub                 For       For        Management
1.10  Elect Director Arthur F. Weinbach         For       For        Management
1.11  Elect Director Josh S. Weston             For       For        Management
2     Amend Stock Option Plan                   For       For        Management
3     Amend Employee Stock Purchase Plan        For       For        Management
4     Approve Outside Director Stock Awards in  For       For        Management
      Lieu of Cash
5     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

AUTONATION, INC.

Ticker:       AN             Security ID:  05329W102
Meeting Date: MAY 12, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Mike Jackson              For       For        Management
1.2   Elect  Director Robert J. Brown           For       For        Management
1.3   Elect  Director J.P. Bryan                For       For        Management
1.4   Elect  Director Rick L. Burdick           For       For        Management
1.5   Elect  Director William C. Crowley        For       For        Management
1.6   Elect  Director Alan S. Dawes             For       For        Management
1.7   Elect  Director Edward S. Lampert         For       For        Management
1.8   Elect  Director Irene B. Rosenfeld        For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

AUTOZONE, INC.

Ticker:       AZO            Security ID:  053332102
Meeting Date: DEC 11, 2003   Meeting Type: Annual
Record Date:  OCT 14, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Charles M. Elson           For       For        Management
1.2   Elect Director Marsha J. Evans            For       For        Management
1.3   Elect Director Earl G. Graves, Jr.        For       For        Management
1.4   Elect Director N. Gerry House             For       For        Management
1.5   Elect Director J.R. Hyde, III             For       For        Management
1.6   Elect Director Edward S. Lampert          For       For        Management
1.7   Elect Director W. Andrew McKenna          For       For        Management
1.8   Elect Director Steve Odland               For       For        Management
1.9   Elect Director James J. Postl             For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

BANK ONE CORP.

Ticker:       ONE            Security ID:  06423A103
Meeting Date: MAY 25, 2004   Meeting Type: Annual
Record Date:  APR 2, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2.1   Elect  Director John H. Bryan             For       For        Management
2.2   Elect  Director Stephen B. Burke          For       For        Management
2.3   Elect  Director James S. Crown            For       For        Management
2.4   Elect  Director James Dimon               For       For        Management
2.5   Elect  Director Maureen A. Fay            For       For        Management
2.6   Elect  Director Laban P. Jackson, Jr.     For       For        Management
2.7   Elect  Director John W. Kessler           For       For        Management
2.8   Elect  Director Robert I. Lipp            For       For        Management
2.9   Elect  Director Richard A. Manoogian      For       For        Management
2.10  Elect  Director David C. Novak            For       For        Management
2.11  Elect  Director John W. Rogers, Jr.       For       For        Management
2.12  Elect  Director Frederick P. Stratton,    For       For        Management
      Jr.
3     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

BERKSHIRE HATHAWAY INC.

Ticker:       BRK.A          Security ID:  084670108
Meeting Date: MAY 1, 2004    Meeting Type: Annual
Record Date:  MAR 3, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Warren E. Buffett          For       For        Management
1.2   Elect Director Charles T. Munger          For       For        Management
1.3   Elect Director Susan T. Buffett           For       For        Management
1.4   Elect Director Howard G. Buffett          For       For        Management
1.5   Elect Director Malcolm G. Chace           For       For        Management
1.6   Elect Director David S. Gottesman         For       For        Management
1.7   Elect Director Charlotte Guyman           For       For        Management
1.8   Elect Director Donald R. Keough           For       For        Management
1.9   Elect Director Thomas S. Murphy           For       For        Management
1.10  Elect Director Ronald L. Olson            For       For        Management
1.11  Elect Director Walter Scott, Jr.          For       For        Management
2     Report on Political                       Against   Against    Shareholder
      Contributions/Activities


--------------------------------------------------------------------------------

BMC SOFTWARE, INC.

Ticker:       BMC            Security ID:  055921100
Meeting Date: AUG 21, 2003   Meeting Type: Annual
Record Date:  JUL 3, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director B. Garland Cupp            For       For        Management
1.2   Elect Director Robert E. Beauchamp        For       For        Management
1.3   Elect Director Jon E. Barfield            For       For        Management
1.4   Elect Director John W. Barter             For       For        Management
1.5   Elect Director Meldon K. Gafner           For       For        Management
1.6   Elect Director L.W. Gray                  For       For        Management
1.7   Elect Director Kathleen A. O'Neil         For       For        Management
1.8   Elect Director George F. Raymond          For       For        Management
1.9   Elect Director Tom C. Tinsley             For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

CALPINE CORP.

Ticker:       CPN            Security ID:  131347106
Meeting Date: MAY 26, 2004   Meeting Type: Annual
Record Date:  MAR 29, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ann B. Curtis             For       Withhold   Management
1.2   Elect  Director Kenneth T. Derr           For       Withhold   Management
1.3   Elect  Director Gerald Greenwald          For       Withhold   Management
2     Increase Authorized Common Stock          For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Amend Employee Stock Purchase Plan        For       For        Management
5     Implement Indigenous Peoples Right        Against   Against    Shareholder
      Policy/ Cease Medicine Lake Development
6     Limit Awards to Executives                Against   Against    Shareholder
7     Include Voting Recommendations of         Against   Against    Shareholder
      Institutional Holders in Proxy Statement
8     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

CARMAX INC

Ticker:       KMX            Security ID:  143130102
Meeting Date: JUN 29, 2004   Meeting Type: Annual
Record Date:  APR 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Keith D. Browning         For       For        Management
1.2   Elect  Director James F. Clingman, Jr.    For       For        Management
1.3   Elect  Director Hugh G. Robinson          For       For        Management
1.4   Elect  Director Richard L. Sharp          For       For        Management
1.5   Elect  Director Thomas G. Stemberg        For       For        Management
2     Amend Employee Stock Purchase Plan        For       For        Management


--------------------------------------------------------------------------------

CINCINNATI FINANCIAL CORP.

Ticker:       CINF           Security ID:  172062101
Meeting Date: APR 24, 2004   Meeting Type: Annual
Record Date:  FEB 27, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Michael Brown             For       For        Management
1.2   Elect  Director Dirk J. Debbink           For       For        Management
1.3   Elect  Director Robert C. Schiff          For       Withhold   Management
1.4   Elect  Director John M. Shepherd          For       Withhold   Management
1.5   Elect  Director Douglas S. Skidmore       For       For        Management
2     Ratify Auditors                           For       Against    Management


--------------------------------------------------------------------------------

COMMERCE BANCORP, INC.

Ticker:       CBH            Security ID:  200519106
Meeting Date: JUN 11, 2004   Meeting Type: Annual
Record Date:  APR 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Vernon W. Hill, II        For       For        Management
1.2   Elect  Director Robert C. Beck            For       For        Management
1.3   Elect  Director Jack R Bershad            For       For        Management
1.4   Elect  Director Joseph E. Buckelew        For       For        Management
1.5   Elect  Director Donald T. Difrancesco     For       For        Management
1.6   Elect  Director John P. Ferguson          For       For        Management
1.7   Elect  Director Morton N. Kerr            For       For        Management
1.8   Elect  Director Steven M. Lewis           For       For        Management
1.9   Elect  Director George E. Norcross, III   For       For        Management
1.10  Elect  Director Joseph J. Plumeri, II     For       For        Management
1.11  Elect  Director Daniel J. Ragone          For       For        Management
1.12  Elect  Director Wm. A. Schwartz, Jr.      For       For        Management
1.13  Elect  Director Joseph T. Tarquini, Jr.   For       For        Management
2     Approve Stock Option Plan                 For       Against    Management
3     Increase Authorized Common Stock          For       Against    Management
4     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

COMPAL ELECTRONICS

Ticker:                      Security ID:  Y16907100
Meeting Date: JUN 15, 2004   Meeting Type: Annual
Record Date:  APR 16, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Receive Report on 2003 Business Operation None      None       Management
      Results
1.2   Receive Supervisors' Report               None      None       Management
2.1   Accept Financial Statements and Statutory For       For        Management
      Reports
2.2   Approve Allocation of Income and          For       For        Management
      Dividends
2.3   Approve Release of Restrictions of        For       For        Management
      Competitive Activities  of  Directors
3.1   Approve Capitalization of 2003 Dividends  For       For        Management
      and Employee  Profit  Sharing
3.2   Amend Operating Procedures for the Loan   For       Against    Management
      of Funds to Other  Parties
4     Elect Directors and Supervisors           For       For        Management
5     Other Business                            None      None       Management


--------------------------------------------------------------------------------

COSTCO WHOLESALE CORPORATION

Ticker:       COST           Security ID:  22160K105
Meeting Date: JAN 29, 2004   Meeting Type: Annual
Record Date:  DEC 5, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Benjamin S. Carson, Sr.,   For       For        Management
      M.D. as Class II Director
1.2   Elect Director Hamilton E. James as Class For       For        Management
      II Director
1.3   Elect Director Jill S. Ruckelshaus as     For       For        Management
      Class II Director
1.4   Elect Director William H. Gates, II as    For       For        Management
      Class II Director
1.5   Elect Director Daniel J. Evans as Class I For       For        Management
      Director
2     Declassify the Board of Directors         Against   For        Shareholder
3     Develop Land Procurement Policy           Against   Against    Shareholder
4     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

COVAD COMMUNICATIONS GROUP, INC

Ticker:       COVD           Security ID:  222814204
Meeting Date: AUG 14, 2003   Meeting Type: Annual
Record Date:  JUN 16, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Larry Irving               For       For        Management
1.2   Elect Director Richard A. Jalkut          For       For        Management
1.3   Elect Director Daniel C. Lynch            For       For        Management
2     Approve Employee Stock Purchase Plan      For       Against    Management
3     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

COVAD COMMUNICATIONS GROUP, INC

Ticker:       COVD           Security ID:  222814204
Meeting Date: JUN 10, 2004   Meeting Type: Annual
Record Date:  APR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director L. Dale Crandall          For       For        Management
1.2   Elect  Director Hellene S. Runtagh        For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

DIAGEO PLC (FORMERLY GUINNESS PLC)

Ticker:       DEO            Security ID:  25243Q205
Meeting Date: OCT 22, 2003   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Approve Final Dividend of 15.7 Pence Per  For       For        Management
      Share
4     Reelect Lord Blyth as Director            For       For        Management
5     Reelect Keith Oates as Director           For       For        Management
6     Reelect Paul Walsh as Director            For       For        Management
7     Approve KPMG Audit Plc as Auditors and    For       For        Management
      Authorize Board to Fix Their Remuneration
8     Authorize Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Preemptive Rights up to Aggregate Nominal
      Amount of GBP 44,833,003
9     Authorize 309,885,718 Shares for Share    For       For        Management
      Repurchase Program


--------------------------------------------------------------------------------

DUN & BRADSTREET CORP, THE

Ticker:       DNB            Security ID:  26483E100
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 11, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John W. Alden             For       For        Management
1.2   Elect  Director Allan Z. Loren            For       For        Management
1.3   Elect  Director Victor A. Pelson          For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

EQUIFAX INC.

Ticker:       EFX            Security ID:  294429105
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  FEB 18, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James E. Copeland, Jr     For       For        Management
1.2   Elect  Director Lee A. Ault III           For       For        Management
1.3   Elect  Director John L. Clendenin         For       For        Management
1.4   Elect  Director A. William Dahlberg       For       For        Management
1.5   Elect  Director L. Phillip Humann         For       For        Management


--------------------------------------------------------------------------------

EVEREST RE GROUP LTD

Ticker:       RE             Security ID:  G3223R108
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 24, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Kenneth J. Duffy          For       For        Management
1.2   Elect  Director Joseph V. Taranto         For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

FPIC INSURANCE GROUP, INC.

Ticker:       FPIC           Security ID:  302563101
Meeting Date: JUN 2, 2004    Meeting Type: Annual
Record Date:  APR 7, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John K. Anderson, Jr.     For       For        Management
1.2   Elect  Director M.C. Harden, III          For       For        Management
1.3   Elect  Director John G. Rich, Esq.        For       For        Management
1.4   Elect  Director Joan D. Ruffier           For       For        Management
2     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
3     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
4     Amend Omnibus Stock Plan                  For       For        Management
5     Amend Employee Stock Purchase Plan        For       For        Management


--------------------------------------------------------------------------------

GARMIN LTD

Ticker:       GRMN           Security ID:  G37260109
Meeting Date: JUN 4, 2004    Meeting Type: Annual
Record Date:  APR 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Gene M. Betts             For       For        Management
1.2   Elect  Director Thomas A. Mcdonnell       For       For        Management


--------------------------------------------------------------------------------

GOLDEN WEST FINANCIAL CORP.

Ticker:       GDW            Security ID:  381317106
Meeting Date: APR 27, 2004   Meeting Type: Annual
Record Date:  MAR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Patricia A. King          For       For        Management
1.2   Elect  Director Marion O. Sandler         For       For        Management
1.3   Elect  Director Leslie Tang Schilling     For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

HOME DEPOT, INC. (THE)

Ticker:       HD             Security ID:  437076102
Meeting Date: MAY 27, 2004   Meeting Type: Annual
Record Date:  MAR 29, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Gregory D. Brenneman      For       For        Management
1.2   Elect  Director Richard H. Brown          For       For        Management
1.3   Elect  Director John L. Clendenin         For       For        Management
1.4   Elect  Director Berry R. Cox              For       For        Management
1.5   Elect  Director Claudio X. Gonzalez       For       Withhold   Management
1.6   Elect  Director Milledge A. Hart, III     For       For        Management
1.7   Elect  Director Bonnie G. Hill            For       For        Management
1.8   Elect  Director Kenneth G. Langone        For       For        Management
1.9   Elect  Director Robert L. Nardelli        For       For        Management
1.10  Elect  Director Roger S. Penske           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Establish Term Limits for Directors       Against   Against    Shareholder
4     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote
5     Performance- Based/Indexed Options        Against   For        Shareholder
6     Adopt ILO Based Code of Conduct           Against   Against    Shareholder
7     Submit Severance Agreement                Against   For        Shareholder
      (Change-in-Control) to Shareholder Vote
8     Require Affirmative Vote of the Majority  Against   Against    Shareholder
      of the Shares to Elect Directors


--------------------------------------------------------------------------------

HUDSON HIGHLAND GROUP, INC.

Ticker:       HHGP           Security ID:  443792106
Meeting Date: APR 30, 2004   Meeting Type: Annual
Record Date:  MAR 10, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jon Chait                 For       For        Management
1.2   Elect  Director Jennifer Laing            For       For        Management
1.3   Elect  Director Nicholas G. Moore         For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Employee Stock Purchase Plan        For       For        Management


--------------------------------------------------------------------------------

HUGHES SUPPLY, INC.

Ticker:       HUG            Security ID:  444482103
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John D. Baker II          For       For        Management
1.2   Elect  Director Dale E. Jones             For       For        Management
1.3   Elect  Director William P. Kennedy        For       For        Management
1.4   Elect  Director Patrick J. Knipe          For       For        Management
2     Other Business                            For       Against    Management


--------------------------------------------------------------------------------

HUNTER DOUGLAS NV

Ticker:                      Security ID:  N4327C122
Meeting Date: JUN 8, 2004    Meeting Type: Annual
Record Date:  MAY 21, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Report to Shareholders                    For       For        Management
2     Confirmation 2003 Accounts                For       For        Management
3     Approve Discharge of Management and       For       For        Management
      Directors
4     Approve Dividends                         For       For        Management
5     Elect Directors and Substitutes           For       For        Management
6     Appoint Auditors                          For       For        Management
7     Authorize Cancellation of Repurchased     For       For        Management
      Shares
8     Transact Other Business (Voting)          For       Against    Management


--------------------------------------------------------------------------------

HUNTER DOUGLAS NV

Ticker:                      Security ID:  N4327C122
Meeting Date: JUN 8, 2004    Meeting Type: Special
Record Date:  MAY 21, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Dividends                         For       For        Management
2     Transact Other Business (Voting)          For       Against    Management


--------------------------------------------------------------------------------

IDT CORP.

Ticker:       IDT.C          Security ID:  448947309
Meeting Date: DEC 15, 2003   Meeting Type: Annual
Record Date:  OCT 20, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Moshe Kaganoff             For       For        Management
1.2   Elect Director James S. Gilmore, III      For       For        Management
1.3   Elect Director Jack F. Kemp               For       Withhold   Management
1.4   Elect Director Admiral William A. Owens   For       For        Management
2     Amend Omnibus Stock Plan                  For       Against    Management
3     Approve Employee Stock Purchase Plan      For       For        Management
4     Approve Stock Award to Executive          For       For        Management
5     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

LEXMARK INTERNATIONAL, INC.

Ticker:       LXK            Security ID:  529771107
Meeting Date: APR 22, 2004   Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Frank T. Cary             For       For        Management
1.2   Elect  Director Paul J. Curlander         For       For        Management
1.3   Elect  Director Martin D. Walker          For       For        Management
1.4   Elect  Director James F. Hardymon         For       For        Management
2     Approve Executive Incentive Bonus Plan    For       For        Management
3     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

LINCARE HOLDINGS, INC.

Ticker:       LNCR           Security ID:  532791100
Meeting Date: MAY 17, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director J.P. Byrnes               For       For        Management
1.2   Elect  Director S.H. Altman, Ph.D.        For       For        Management
1.3   Elect  Director C.B. Black                For       For        Management
1.4   Elect  Director F.D. Byrne, M.D.          For       For        Management
1.5   Elect  Director F.T. Cary                 For       For        Management
1.6   Elect  Director W.F. Miller, III          For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management


--------------------------------------------------------------------------------

MARKEL CORP.

Ticker:       MKL            Security ID:  570535104
Meeting Date: MAY 11, 2004   Meeting Type: Annual
Record Date:  MAR 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Douglas C. Eby            For       For        Management
1.2   Elect  Director Leslie A. Grandis         For       Withhold   Management
1.3   Elect  Director Stewart M. Kasen          For       Withhold   Management
1.4   Elect  Director Alan I. Kirshner          For       Withhold   Management
1.5   Elect  Director Anthony F. Markel         For       Withhold   Management
1.6   Elect  Director Steven A. Markel          For       Withhold   Management
1.7   Elect  Director Jay M. Weinberg           For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

MARRIOTT INTERNATIONAL INC. (NEW)

Ticker:       MAR            Security ID:  571903202
Meeting Date: APR 30, 2004   Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Lawrence W. Kellner       For       For        Management
1.2   Elect  Director John W. Marriott III      For       For        Management
1.3   Elect  Director Harry J. Pearce           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Provide for Cumulative Voting             Against   For        Shareholder


--------------------------------------------------------------------------------

MCDONALD'S CORP.

Ticker:       MCD            Security ID:  580135101
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edward A. Brennan         For       For        Management
1.2   Elect  Director Walter E. Massey          For       For        Management
1.3   Elect  Director John W. Rogers, Jr.       For       For        Management
1.4   Elect  Director Anne-Marie Slaughter      For       For        Management
1.5   Elect  Director Roger W. Stone            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Approve/Amend Executive Incentive Bonus   For       For        Management
      Plan


--------------------------------------------------------------------------------

MICROSOFT CORP.

Ticker:       MSFT           Security ID:  594918104
Meeting Date: NOV 11, 2003   Meeting Type: Annual
Record Date:  SEP 12, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director William H. Gates, III      For       For        Management
1.2   Elect Director Steven A. Ballmer          For       For        Management
1.3   Elect Director James I. Cash, Jr., Ph.D.  For       For        Management
1.4   Elect Director Raymond V. Gilmartin       For       For        Management
1.5   Elect Director Ann McLaughlin Korologos   For       For        Management
1.6   Elect Director David F. Marquardt         For       For        Management
1.7   Elect Director Charles H. Noski           For       For        Management
1.8   Elect Director Dr. Helmut Panke           For       For        Management
1.9   Elect Director Wm. G. Reed, Jr.           For       For        Management
1.10  Elect Director Jon A. Shirley             For       Withhold   Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Amend Non-Employee Director Stock Option  For       For        Management
      Plan
4     Refrain from Giving Charitable            Against   Against    Shareholder
      Contributions


--------------------------------------------------------------------------------

MOLEX INCORPORATED

Ticker:       MOLX           Security ID:  608554101
Meeting Date: OCT 24, 2003   Meeting Type: Annual
Record Date:  AUG 29, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Fred L. Krehbiel           For       For        Management
1.2   Elect Director Douglas K. Carnahan        For       For        Management
1.3   Elect Director J. Joseph King             For       For        Management
1.4   Elect Director Joe W. Laymon              For       For        Management
1.5   Elect Director Michelle L. Collins        For       For        Management
2     Amend Stock Option Plan                   For       For        Management


--------------------------------------------------------------------------------

MOTOROLA, INC.

Ticker:       MOT            Security ID:  620076109
Meeting Date: MAY 3, 2004    Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edward Zander             For       For        Management
1.2   Elect  Director H. Laurence Fuller        For       For        Management
1.3   Elect  Director Judy Lewent               For       For        Management
1.4   Elect  Director Walter Massey             For       For        Management
1.5   Elect  Director Nicholas Negroponte       For       For        Management
1.6   Elect  Director Indra Nooyi               For       For        Management
1.7   Elect  Director John Pepper, Jr.          For       For        Management
1.8   Elect  Director Samuel Scott III          For       For        Management
1.9   Elect  Director Douglas Warner III        For       For        Management
1.10  Elect  Director John White                For       For        Management
1.11  Elect  Director Mike Zafirovski           For       For        Management
2     Limit Executive Compensation              Against   Against    Shareholder
3     Limit Awards to Executives                Against   Against    Shareholder


--------------------------------------------------------------------------------

NOKIA CORP.

Ticker:       NKCAF          Security ID:  654902204
Meeting Date: MAR 25, 2004   Meeting Type: Annual
Record Date:  JAN 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     APPROVAL OF THE INCOME STATEMENTS AND THE For       For        Management
      BALANCE SHEETS.
2     APPROVAL OF A DIVIDEND OF EUR 0.30 PER    For       For        Management
      SHARE.
3     APPROVAL OF THE DISCHARGE OF THE          For       For        Management
      CHAIRMAN, THE MEMBERS OF THE BOARD OF
      DIRECTORS AND THE PRESIDENT FROM
      LIABILITY.
4.1   Elect  Director Paul J. Collins           For       For        Management
4.2   Elect  Director Georg Ehrnrooth           For       For        Management
4.3   Elect  Director Bengt Holmstrom           For       For        Management
4.4   Elect  Director Per Karlsson              For       For        Management
4.5   Elect  Director Jorma Ollila              For       For        Management
4.6   Elect  Director Marjorie Scardino         For       For        Management
4.7   Elect  Director Vesa Vainio               For       For        Management
4.8   Elect  Director Arne Wessberg             For       For        Management
5     Ratify Auditors                           For       For        Management
6     APPROVAL OF THE PROPOSAL OF THE BOARD TO  For       For        Management
      REDUCE THE SHARE CAPITAL THROUGH
      CANCELLATION OF NOKIA SHARES HELD BY THE
      COMPANY
7     APPROVAL OF THE AUTHORIZATION TO THE      For       For        Management
      BOARD TO INCREASE THE SHARE CAPITAL OF
      THE COMPANY.
8     APPROVAL OF THE AUTHORIZATION TO THE      For       For        Management
      BOARD TO REPURCHASE NOKIA SHARES.
9     APPROVAL OF THE AUTHORIZATION TO THE      For       For        Management
      BOARD TO DISPOSE NOKIA SHARES HELD BY THE
      COMPANY.
10    APPROVAL OF THE PROPOSAL OF THE BOARD TO  For       For        Management
      INCREASE THE CAPITAL OF THE FOUNDATION OF
      NOKIA CORPORATION.
11    MARK THE  FOR  BOX IF YOU WISH TO         None      Against    Management
      INSTRUCT THE DEPOSITARY TO GIVE A PROXY
      TO ANY ONE OF MARIANNA UOTINEN-TARKOMA,
      ESA KAUNISTOLA, BOTH LEGAL COUNSELS OF
      NOKIA CORPORATION, TO AUTHORIZE ANY OF
      THEM (WITH FULL POWER OF SUBSTITUTION) TO
      VOTE, IN THEIR DISCR


--------------------------------------------------------------------------------

PAPA JOHN

Ticker:       PZZA           Security ID:  698813102
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director F. William Barnett        For       For        Management
1.2   Elect  Director Norborne P. Cole, Jr.     For       For        Management
1.3   Elect  Director William M. Street         For       For        Management
2     Approve Non-Employee Director Stock       For       Against    Management
      Option Plan
3     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

PETROCHINA CO. LTD.

Ticker:                      Security ID:  71646E100
Meeting Date: MAY 18, 2004   Meeting Type: Annual
Record Date:  APR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO APPROVE THE REPORT OF THE BOARD OF     For       For        Management
      DIRECTORS OF THE COMPANY FOR THE YEAR
      2003.
2     TO APPROVE THE REPORT OF THE SUPERVISORY  For       For        Management
      COMMITTEE OF THE COMPANY FOR THE YEAR
      2003.
3     TO APPROVE THE AUDITED FINANCIAL          For       For        Management
      STATEMENTS OF THE COMPANY FOR THE YEAR
      2003.
4     TO APPROVE THE DECLARATION AND PAYMENT OF For       For        Management
      A FINAL DIVIDEND FOR THE YEAR ENDED
      DECEMBER 31, 2003 IN THE AMOUNT AND IN
      THE MANNER RECOMMENDED BY THE BOARD OF
      DIRECTORS.
5     TO APPROVE THE AUTHORISATION OF THE BOARD For       For        Management
      OF DIRECTORS TO DETERMINE THE
      DISTRIBUTION OF INTERIM DIVIDEND FOR
      2004.
6     RATIFY AUDITORS                           For       For        Management
7     TO APPROVE THE PROPOSAL IN RELATION TO    For       For        Management
      THE RE-ELECTION OF MR. CHEN GENG AS A
      DIRECTOR OF THE COMPANY.
8     TO APPROVE THE PROPOSAL IN RELATION TO    For       For        Management
      THE ELECTION OF MR. ZHOU JIPING AS A
      DIRECTOR OF THE COMPANY.
9     TO APPROVE THE PROPOSAL IN RELATION TO    For       For        Management
      THE ELECTION OF MR. DUAN WENDE AS A
      DIRECTOR OF THE COMPANY.
10    TO APPROVE THE PROPOSAL IN RELATION TO    For       For        Management
      THE ELECTION OF MR. SUN XIANFENG AS A
      SUPERVISOR OF THE COMPANY.
11    TO APPROVE THE PROPOSAL IN RELATION TO    For       For        Management
      THE ELECTION OF MR. XU FENGLI AS A
      SUPERVISOR OF THE COMPANY.
12    TO ALLOT AND DEAL WITH ADDITIONAL         For       Against    Management
      DOMESTIC SHARES.


--------------------------------------------------------------------------------

PREMCOR INC

Ticker:       PCO            Security ID:  74045Q104
Meeting Date: MAY 18, 2004   Meeting Type: Annual
Record Date:  MAR 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas D. O'Malley        For       For        Management
1.2   Elect  Director Jefferson F. Allen        For       For        Management
1.3   Elect  Director Wayne A. Budd             For       For        Management
1.4   Elect  Director Stephen I. Chazen         For       For        Management
1.5   Elect  Director Marshall A. Cohen         For       For        Management
1.6   Elect  Director David I. Foley            For       For        Management
1.7   Elect  Director Robert L. Friedman        For       For        Management
1.8   Elect  Director Richard C. Lappin         For       For        Management
1.9   Elect  Director Wilkes McClave III        For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

PROVIDIAN FINANCIAL CORP.

Ticker:       PVN            Security ID:  74406A102
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John L. Douglas           For       For        Management
1.2   Elect  Director J. David Grissom          For       For        Management
1.3   Elect  Director Robert J. Higgins         For       For        Management
1.4   Elect  Director Francesca Ruiz de         For       For        Management
      Luzuriaga
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

RENTOKIL INITIAL PLC(FORMERLY RENTOKIL GROUP PLC )

Ticker:                      Security ID:  G75093115
Meeting Date: MAY 27, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Remuneration Report               For       For        Management
3     Approve Final Dividend of 4.35 Pence Per  For       For        Management
      Ordinary Share
4.1   Re-elect Edward Brown as Director         For       For        Management
4.2   Re-elect Ronald Spinney as Director       For       For        Management
4.3   Re-elect James Wilde as Director          For       For        Management
5     Re-appoint PricewaterhouseCoopers LLP as  For       For        Management
      Auditors and Authorise Board to Fix
      Remuneration of Auditors
6     Authorise 235,420,780 Ordinary Shares for For       For        Management
      Market Purchase
7     Other Business (Non-Voting)               None      None       Management


--------------------------------------------------------------------------------

REYNOLDS & REYNOLDS CO. (THE)

Ticker:       REY            Security ID:  761695105
Meeting Date: FEB 12, 2004   Meeting Type: Annual
Record Date:  DEC 17, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Eustace W. Mita            For       Withhold   Management
1.2   Elect Director Philip A. Odeen            For       Withhold   Management
1.3   Elect Director Donald K. Peterson         For       Withhold   Management
2     Approve Omnibus Stock Plan                For       Against    Management
3     Approve Omnibus Stock Plan                For       Against    Management
4     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

SEALED AIR CORP.

Ticker:       SEE            Security ID:  81211K100
Meeting Date: MAY 5, 2004    Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Hank Brown                For       For        Management
1.2   Elect  Director Michael Chu               For       For        Management
1.3   Elect  Director Lawrence R. Codey         For       For        Management
1.4   Elect  Director T.J. Dermot Dunphy        For       For        Management
1.5   Elect  Director Charles F. Farrell, Jr.   For       For        Management
1.6   Elect  Director William V. Hickey         For       For        Management
1.7   Elect  Director Kenneth P. Manning        For       For        Management
1.8   Elect  Director William J. Marino         For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

SEMPRA ENERGY

Ticker:       SRE            Security ID:  816851109
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 9, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Stephen L. Baum           For       For        Management
1.2   Elect  Director Wilford D. Godbold, Jr.   For       For        Management
1.3   Elect  Director Richard G. Newman         For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management
4     Declassify the Board of Directors         Against   For        Shareholder
5     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote
6     Prohibit Auditor from Providing Non-Audit Against   Against    Shareholder
      Services
7     Separate Chairman and CEO Positions       Against   For        Shareholder


--------------------------------------------------------------------------------

SIGMA-ALDRICH CORP.

Ticker:       SIAL           Security ID:  826552101
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Nina V. Fedoroff          For       For        Management
1.2   Elect  Director David R. Harvey           For       For        Management
1.3   Elect  Director W. Lee McCollum           For       For        Management
1.4   Elect  Director William C. O'Neil, Jr.    For       For        Management
1.5   Elect  Director J. Pedro Reinhard         For       For        Management
1.6   Elect  Director Jerome W. Sandweiss       For       For        Management
1.7   Elect  Director D. Dean Spatz             For       For        Management
1.8   Elect  Director Barrett A. Toan           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Increase Authorized Common Stock          For       For        Management


--------------------------------------------------------------------------------

SUN MICROSYSTEMS, INC.

Ticker:       SUNW           Security ID:  866810104
Meeting Date: NOV 13, 2003   Meeting Type: Annual
Record Date:  SEP 15, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Scott G. McNealy           For       For        Management
1.2   Elect Director James L. Barksdale         For       For        Management
1.3   Elect Director L. John Doerr              For       For        Management
1.4   Elect Director Robert J. Fisher           For       For        Management
1.5   Elect Director Michael E. Lehman          For       For        Management
1.6   Elect Director Robert L. Long             For       For        Management
1.7   Elect Director M. Kenneth Oshman          For       For        Management
1.8   Elect Director Naomi O. Seligman          For       For        Management
1.9   Elect Director Lynn E. Turner             For       For        Management
2     Amend Employee Stock Purchase Plan        For       For        Management
3     Ratify Auditors                           For       For        Management
4     Implement China Principles                Against   Against    Shareholder


--------------------------------------------------------------------------------

SYMANTEC CORP.

Ticker:       SYMC           Security ID:  871503108
Meeting Date: AUG 21, 2003   Meeting Type: Annual
Record Date:  JUL 8, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Tania Amochaev             For       For        Management
1.2   Elect Director William Coleman            For       For        Management
1.3   Elect Director Dr. Per-Kristian Halvorsen For       For        Management
1.4   Elect Director David Mahoney              For       For        Management
1.5   Elect Director Robert S. Miller           For       For        Management
1.6   Elect Director Bill Owens                 For       For        Management
1.7   Elect Director George Reyes               For       For        Management
1.8   Elect Director Daniel H. Schulman         For       For        Management
1.9   Elect Director John W. Thompson           For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Amend Stock Option Plan                   For       Against    Management
4     Approve Executive Incentive Bonus Plan    For       For        Management
5     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

TAIWAN SEMICONDUCTOR MANUFACTURING CO.

Ticker:       TSM.P          Security ID:  Y84629107
Meeting Date: MAY 11, 2004   Meeting Type: Annual
Record Date:  MAR 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Receive Report on Business Operation      None      None       Management
      Results for Fiscal Year 2003
1.2   Receive Supervisors' Report               None      None       Management
1.3   Receive Report on the Acquisition and     None      None       Management
      Disposal of Assets
1.4   Receive Report on Endorsments and         None      None       Management
      Guarantees
2.1   Accept Financial Statements and Statutory For       For        Management
      Reports
2.2   Approve Allocation of Income and Cash     For       For        Management
      Dividend of NTD 0.60 per Share and Stock
      Dividend of 140 Shares per 1000 Shares
      Held
2.3   Approve Capitalization of 2003 Dividends  For       For        Management
      and Employee  Profit  Sharing
3     Other Business                            None      None       Management


--------------------------------------------------------------------------------

TAIWAN SEMICONDUCTOR MANUFACTURING CO.

Ticker:       TSM.P          Security ID:  874039100
Meeting Date: MAY 11, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     TO ACCEPT 2003 BUSINESS REPORT AND        For       For        Management
      FINANCIAL STATEMENTS.
2     TO APPROVE THE PROPOSAL FOR DISTRIBUTION  For       For        Management
      OF 2003 PROFITS.
3     TO APPROVE THE CAPITALIZATION OF 2003     For       For        Management
      DIVIDENDS AND EMPLOYEE PROFIT SHARING.


--------------------------------------------------------------------------------

TAKEFUJI CORP.

Ticker:                      Security ID:  J81335101
Meeting Date: JUN 29, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Allocation of Income, Including   For       For        Management
      the Following Dividends: Interim JY 50,
      Final JY 50, Special JY 0
2     Amend Articles to: Authorize Share        For       Against    Management
      Repurchases at Board's Discretion
3.1   Elect Director                            For       Against    Management
3.2   Elect Director                            For       For        Management
3.3   Elect Director                            For       For        Management
3.4   Elect Director                            For       For        Management
3.5   Elect Director                            For       For        Management
3.6   Elect Director                            For       For        Management
3.7   Elect Director                            For       For        Management
3.8   Elect Director                            For       For        Management
3.9   Elect Director                            For       For        Management
4     Appoint Internal Statutory Auditor        For       For        Management
5     Approve Retirement Bonuses for Directors  For       Against    Management
      and Statutory Auditor


--------------------------------------------------------------------------------

TRANSATLANTIC HOLDINGS, INC.

Ticker:       TRH            Security ID:  893521104
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James Balog               For       For        Management
1.2   Elect  Director C. Fred Bergsten          For       For        Management
1.3   Elect  Director Maurice R. Greenberg      For       For        Management
1.4   Elect  Director Tomio Higuchi             For       For        Management
1.5   Elect  Director John J. Mackowski         For       For        Management
1.6   Elect  Director Edward E. Matthews        For       For        Management
1.7   Elect  Director Robert F. Orlich          For       For        Management
1.8   Elect  Director Howard I. Smith           For       For        Management
1.9   Elect  Director Thomas R. Tizzio          For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

TRANSOCEAN INC.

Ticker:       RIG            Security ID:  G90078109
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:  MAR 18, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert L. Long            For       For        Management
1.2   Elect  Director Martin B. Mcnamara        For       For        Management
1.3   Elect  Director Robert M. Sprague         For       For        Management
1.4   Elect  Director J. Michael Talbert        For       For        Management
2     APPROVAL OF THE AMENDMENT OF OUR          For       For        Management
      LONG-TERM INCENTIVE PLAN AS DESCRIBED IN
      THE PROXY STATEMENT.
3     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

TYCO INTERNATIONAL LTD.

Ticker:       TYC            Security ID:  902124106
Meeting Date: MAR 25, 2004   Meeting Type: Annual
Record Date:  MAR 25, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Dennis C. Blair           For       For        Management
1.2   Elect  Director Edward D. Breen           For       For        Management
1.3   Elect  Director George W. Buckley         For       For        Management
1.4   Elect  Director Brian Duperreault         For       For        Management
1.5   Elect  Director Bruce S. Gordon           For       For        Management
1.6   Elect  Director John A. Krol              For       For        Management
1.7   Elect  Director Mackey J. Mcdonald        For       For        Management
1.8   Elect  Director H. Carl Mccall            For       For        Management
1.9   Elect  Director Brendan R. O'Neill        For       For        Management
1.10  Elect  Director Sandra S. Wijnberg        For       For        Management
1.11  Elect  Director Jerome B. York            For       For        Management
2     Ratify Auditors                           For       For        Management
3     ADOPTION OF THE AMENDED AND RESTATED      For       For        Management
      BYE-LAWS.
4     APPROVAL OF TYCO 2004 STOCK AND INCENTIVE For       For        Management
      PLAN.
5     SHAREHOLDER PROPOSAL REGARDING            For       For        Shareholder
      ENVIRONMENTAL REPORTING.
6     SHAREHOLDER PROPOSAL TO CHANGE TYCO S     Against   Against    Shareholder
      JURISDICTION OF INCORPORATION FROM
      BERMUDA TO A U.S. STATE.
7     SHAREHOLDER PROPOSAL ON  COMMON SENSE     Against   Against    Shareholder
      EXECUTIVE COMPENSATION.


--------------------------------------------------------------------------------

WPP GROUP PLC

Ticker:       WPPG10         Security ID:  G97974102
Meeting Date: APR 7, 2004    Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve 2004 Leadership Equity            For       For        Management
      Acquisition Plan


--------------------------------------------------------------------------------

WPP GROUP PLC

Ticker:       WPPG10         Security ID:  G97974102
Meeting Date: APR 16, 2004   Meeting Type: Special
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve 2004 Leadership Equity            For       For        Management
      Acquisition Plan


--------------------------------------------------------------------------------

WPP GROUP PLC

Ticker:       WPPG10         Security ID:  G97974102
Meeting Date: JUN 28, 2004   Meeting Type: Annual
Record Date:

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports
2     Approve Final Dividend of 4.4 Pence Per   For       For        Management
      Ordinary Share
3a    Elect Orit Gadiesh as Director            For       For        Management
3b    Elect Koichiro Naganuma as Director       For       For        Management
3c    Elect Paul Spencer as Director            For       For        Management
3d    Re-elect Philip Lader as Director         For       For        Management
3e    Re-elect Jeremy Bullmore as Director      For       For        Management
3f    Re-elect John Jackson as Director         For       For        Management
3g    Re-elect Stanley Morten as Director       For       For        Management
3h    Re-elect John Quelch as Director          For       For        Management
4     Re-appoint Deloitte and Touche LLP as     For       For        Management
      Auditors and Authorise Board to Fix
      Remuneration of Auditors
5     Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities with Pre-emptive
      Rights up to Aggregate Nominal Amount of
      GBP 39,334,225
6     Authorise Issuance of Equity or           For       For        Management
      Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate
      Nominal Amount of GBP 5,900,134
7     Authorise 118,002,676 Ordinary Shares for For       For        Management
      Market Purchase
8     Approve Remuneration Report               For       For        Management
9     Amend the Capital Investment Plan         For       For        Management
10    Amend the Notional Share Award Plan       For       For        Management
11    Approve Increase in Remuneration of       For       For        Management
      Non-Executive Directors from GBP 450,000
      to GBP 1,000,000




============================ DAVIS REAL ESTATE FUND ============================


AFFORDABLE RESIDENTIAL COMMUNITIES, INC.

Ticker:       ARC            Security ID:  008273104
Meeting Date: JUN 15, 2004   Meeting Type: Annual
Record Date:  APR 30, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Scott D. Jackson          For       For        Management
1.2   Elect  Director John G. Sprengle          For       For        Management
1.3   Elect  Director Todd M. Abbrecht          For       For        Management
1.4   Elect  Director James L. Clayton          For       Withhold   Management
1.5   Elect  Director J. Markham Green          For       For        Management
1.6   Elect  Director Michael Greene            For       For        Management
1.7   Elect  Director Thomas M. Hagerty         For       For        Management
1.8   Elect  Director Randall A. Hack           For       For        Management
1.9   Elect  Director Eugene Mercy, Jr.         For       For        Management
1.10  Elect  Director Charles J. Santos-Buch    For       For        Management
1.11  Elect  Director Scott A. Schoen           For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

ALEXANDRIA REAL ESTATE EQUITIES, INC.

Ticker:       ARE            Security ID:  015271109
Meeting Date: MAY 12, 2004   Meeting Type: Annual
Record Date:  MAR 29, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jerry M. Sudarsky         For       Withhold   Management
1.2   Elect  Director Joel S. Marcus            For       For        Management
1.3   Elect  Director James H. Richardson       For       For        Management
1.4   Elect  Director Richard B. Jennings       For       For        Management
1.5   Elect  Director Richard H. Klein          For       For        Management
1.6   Elect  Director Anthony M. Solomon        For       For        Management
1.7   Elect  Director Alan G. Walton            For       For        Management
1.8   Elect  Director Richmond A. Wolf          For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

ARCHSTONE SMITH TRUST

Ticker:       ASN            Security ID:  039583109
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ernest A. Gerardi, Jr.    For       For        Management
1.2   Elect  Director Ruth Ann M. Gillis        For       For        Management
1.3   Elect  Director Ned S. Holmes             For       For        Management
1.4   Elect  Director R. Scot Sellers           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Restrict Severance Agreements             Against   For        Shareholder


--------------------------------------------------------------------------------

ARDEN REALTY, INC.

Ticker:       ARI            Security ID:  039793104
Meeting Date: MAY 11, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Leslie E. Bider           For       For        Management
1.2   Elect  Director Steven C. Good            For       For        Management
1.3   Elect  Director Alan I. Rothenberg        For       For        Management
2     Submit Severance Agreement                Against   For        Shareholder
      (Change-in-Control) to Shareholder Vote


--------------------------------------------------------------------------------

AVALONBAY COMMUNITIES, INC.

Ticker:       AVB            Security ID:  053484101
Meeting Date: MAY 5, 2004    Meeting Type: Annual
Record Date:  MAR 9, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Bryce Blair               For       For        Management
1.2   Elect  Director Bruce A. Choate           For       For        Management
1.3   Elect  Director John J. Healy, Jr.        For       For        Management
1.4   Elect  Director Gilbert M. Meyer          For       For        Management
1.5   Elect  Director Charles D. Peebler, Jr.   For       For        Management
1.6   Elect  Director Lance R. Primis           For       For        Management
1.7   Elect  Director Allan D. Schuster         For       For        Management
1.8   Elect  Director Amy P. Williams           For       For        Management
2     Submit Shareholder Rights Plan (Poison    Against   Against    Shareholder
      Pill) to Shareholder Vote


--------------------------------------------------------------------------------

BOSTON PROPERTIES INC.

Ticker:       BXP            Security ID:  101121101
Meeting Date: MAY 5, 2004    Meeting Type: Annual
Record Date:  MAR 17, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Mortimer B. Zuckerman     For       For        Management
1.2   Elect  Director Carol B. Einiger          For       For        Management
1.3   Elect  Director Alan B. Landis            For       For        Management
1.4   Elect  Director Richard E. Salomon        For       For        Management
2     Declassify the Board of Directors         Against   For        Shareholder


--------------------------------------------------------------------------------

CARRAMERICA REALTY CORP.

Ticker:       CRE            Security ID:  144418100
Meeting Date: APR 29, 2004   Meeting Type: Annual
Record Date:  MAR 5, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas A. Carr            For       For        Management
1.2   Elect  Director Joan Carter               For       For        Management
1.3   Elect  Director Robert E. Torray          For       For        Management
1.4   Elect  Director Wesley S. Williams, Jr.   For       For        Management
1.5   Elect  Director Andrew F. Brimmer         For       For        Management
1.6   Elect  Director Philip L. Hawkins         For       For        Management
1.7   Elect  Director Timothy Howard            For       For        Management
2     Establish Term Limits for Directors       Against   Against    Shareholder


--------------------------------------------------------------------------------

CATELLUS DEVELOPMENT CORP.

Ticker:       CDX            Security ID:  149111106
Meeting Date: SEP 26, 2003   Meeting Type: Annual
Record Date:  AUG 14, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management
2.1   Elect Director Joseph F. Alibrandi        For       For        Management
2.2   Elect Director Stephen F. Bollenbach      For       For        Management
2.3   Elect Director Daryl J. Carter            For       For        Management
2.4   Elect Director Richard D. Farman          For       For        Management
2.5   Elect Director Christine Garvey           For       For        Management
2.6   Elect Director William M. Kahane          For       For        Management
2.7   Elect Director Leslie D. Michelson        For       For        Management
2.8   Elect Director Deanna W. Oppenheimer      For       Withhold   Management
2.9   Elect Director Nelson C. Rising           For       For        Management
2.10  Elect Director Thomas M. Steinberg        For       For        Management
2.11  Elect Director Cora M. Tellez             For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Approve Omnibus Stock Plan                For       For        Management
5     Submit Shareholder Rights Plan (Poison    Against   For        Shareholder
      Pill) to Shareholder Vote


--------------------------------------------------------------------------------

CATELLUS DEVELOPMENT CORP.

Ticker:       CDX            Security ID:  149113102
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 16, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Stephen F. Bollenbach     For       For        Management
1.2   Elect  Director Daryl J. Carter           For       For        Management
1.3   Elect  Director Richard D. Farman         For       For        Management
1.4   Elect  Director Christine Garvey          For       For        Management
1.5   Elect  Director William M. Kahane         For       For        Management
1.6   Elect  Director Leslie D. Michelson       For       For        Management
1.7   Elect  Director Deanna W. Oppenheimer     For       For        Management
1.8   Elect  Director Nelson C. Rising          For       For        Management
1.9   Elect  Director Thomas M. Steinberg       For       For        Management


--------------------------------------------------------------------------------

CBL & ASSOCIATES PROPERTIES, INC.

Ticker:       CBL            Security ID:  124830100
Meeting Date: MAY 10, 2004   Meeting Type: Annual
Record Date:  MAR 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Stephen D. Lebovitz       For       For        Management
1.2   Elect  Director Winston W. Walker         For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

CENTERPOINT PROPERTIES TRUST

Ticker:       CNT            Security ID:  151895109
Meeting Date: MAY 18, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Nicholas C. Babson        For       For        Management
1.2   Elect  Director Martin Barber             For       For        Management
1.3   Elect  Director Norman R. Bobins          For       For        Management
1.4   Elect  Director Alan D. Feld              For       For        Management
1.5   Elect  Director Paul S. Fisher            For       For        Management
1.6   Elect  Director John S. Gates, Jr.        For       For        Management
1.7   Elect  Director Michael M. Mullen         For       For        Management
1.8   Elect  Director Thomas E. Robinson        For       For        Management
1.9   Elect  Director John C. Staley            For       For        Management
1.10  Elect  Director Robert L. Stovall         For       For        Management
2     Increase Authorized Common Stock          For       For        Management


--------------------------------------------------------------------------------

CHELSEA PROPERTY GROUP, INC.

Ticker:       CPG            Security ID:  163421100
Meeting Date: JUN 10, 2004   Meeting Type: Annual
Record Date:  APR 16, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Brendan T. Byrne          For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Declassify the Board of Directors         For       For        Management
4     Amend Stock Option Plan                   For       Against    Management
5     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

CORPORATE OFFICE PROPERTIES TRUST, INC.

Ticker:       OFC            Security ID:  22002T108
Meeting Date: MAY 13, 2004   Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jay H. Shidler            For       For        Management
1.2   Elect  Director Clay W. Hamlin, III       For       For        Management
1.3   Elect  Director Kenneth S. Sweet, Jr.     For       For        Management


--------------------------------------------------------------------------------

DEVELOPERS DIVERSIFIED REALTY CORP.

Ticker:       DDR            Security ID:  251591103
Meeting Date: MAY 18, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Dean S. Adler             For       For        Management
1.2   Elect  Director Terrance R. Ahern         For       For        Management
1.3   Elect  Director Mohsen Anvari             For       For        Management
1.4   Elect  Director Robert H. Gidel           For       For        Management
1.5   Elect  Director Victor B. MacFarlane      For       For        Management
1.6   Elect  Director Craig Macnab              For       For        Management
1.7   Elect  Director Scott D. Roulston         For       For        Management
1.8   Elect  Director Barry A. Sholem           For       For        Management
1.9   Elect  Director William B. Summers, Jr.   For       For        Management
1.10  Elect  Director Bert L. Wolstein          For       For        Management
1.11  Elect  Director Scott A. Wolstein         For       For        Management
2     Amend Shareholder Rights Plan (Poison     For       For        Management
      Pill)
3     Approve Omnibus Stock Plan                For       For        Management
4     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

DUKE REALTY CORPORATION

Ticker:       DRE            Security ID:  264411505
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  MAR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Barrington H. Branch      For       For        Management
1.2   Elect  Director Gary A. Burk              For       For        Management
1.3   Elect  Director Geoffrey Button           For       For        Management
1.4   Elect  Director William Cavanaugh III     For       For        Management
1.5   Elect  Director Ngaire E. Cuneo           For       For        Management
1.6   Elect  Director Charles R. Eitel          For       For        Management
1.7   Elect  Director Thomas L. Hefner          For       For        Management
1.8   Elect  Director L. Ben Lytle              For       For        Management
1.9   Elect  Director William O. McCoy          For       For        Management
1.10  Elect  Director John W. Nelley, Jr.       For       For        Management
1.11  Elect  Director Dennis D. Oklak           For       For        Management
1.12  Elect  Director James E. Rogers           For       For        Management
1.13  Elect  Director Jack R. Shaw              For       For        Management
1.14  Elect  Director Robert J. Woodward, Jr.   For       For        Management
1.15  Elect  Director Darell E. Zink, Jr.       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Separate Chairman and CEO Positions       Against   For        Shareholder


--------------------------------------------------------------------------------

EQUITY OFFICE PROPERTIES TRUST

Ticker:       EOP            Security ID:  294741103
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Thomas E. Dobrowski       For       For        Management
1.2   Elect  Director William M. Goodyear       For       For        Management
1.3   Elect  Director James D. Harper, Jr.      For       For        Management
1.4   Elect  Director Richard D. Kincaid        For       For        Management
1.5   Elect  Director David K. Mckown           For       For        Management
1.6   Elect  Director Sheli Z. Rosenberg        For       For        Management
1.7   Elect  Director Edwin N. Sidman           For       For        Management
1.8   Elect  Director J. H.W.R. Van Der Vlist   For       For        Management
1.9   Elect  Director Samuel Zell               For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

EQUITY RESIDENTIAL

Ticker:       EQR            Security ID:  29476L107
Meeting Date: MAY 28, 2004   Meeting Type: Annual
Record Date:  MAR 29, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John W. Alexander         For       For        Management
1.2   Elect  Director Charles L. Atwood         For       For        Management
1.3   Elect  Director Bruce W. Duncan           For       For        Management
1.4   Elect  Director Stephen O. Evans          For       For        Management
1.5   Elect  Director James D. Harper, Jr.      For       For        Management
1.6   Elect  Director Boone A. Knox             For       For        Management
1.7   Elect  Director Desiree G. Rogers         For       For        Management
1.8   Elect  Director Sheli Z. Rosenberg        For       For        Management
1.9   Elect  Director Gerald A. Spector         For       For        Management
1.10  Elect  Director B. Joseph White           For       For        Management
1.11  Elect  Director Samuel Zell               For       For        Management
2     Amend Articles/Bylaws/Charter to Remove   For       For        Management
      Antitakeover Provision(s)
3     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

ESSEX PROPERTY TRUST, INC.

Ticker:       ESS            Security ID:  297178105
Meeting Date: MAY 11, 2004   Meeting Type: Annual
Record Date:  FEB 27, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Keith R. Guericke         For       For        Management
1.2   Elect  Director Issie N. Rabinovitch      For       For        Management
1.3   Elect  Director Thomas E. Randlett        For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

FOREST CITY ENTERPRISES, INC.

Ticker:       FCE.A          Security ID:  345550107
Meeting Date: JUN 8, 2004    Meeting Type: Annual
Record Date:  APR 12, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael P. Esposito, Jr.   For       For        Management
1.2   Elect Director Joan K. Shafran            For       Withhold   Management
1.3   Elect Director Louis Stokes               For       For        Management
1.4   Elect Director Stan Ross                  For       For        Management
2     Amend Stock Option Plan                   For       Against    Management
3     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

GENERAL GROWTH PROPERTIES, INC.

Ticker:       GGP            Security ID:  370021107
Meeting Date: NOV 20, 2003   Meeting Type: Special
Record Date:  OCT 20, 2003

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Increase in Common Stock and a    For       For        Management
      Stock Split


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GENERAL GROWTH PROPERTIES, INC.

Ticker:       GGP            Security ID:  370021107
Meeting Date: MAY 5, 2004    Meeting Type: Annual
Record Date:  MAR 17, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John Bucksbaum            For       For        Management
1.2   Elect  Director Alan Cohen                For       For        Management
1.3   Elect  Director Anthony Downs             For       For        Management
2     Ratify Auditors                           For       For        Management


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HOME PROPERTIES  INC

Ticker:       HME            Security ID:  437306103
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 10, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Norman P. Leenhouts       For       For        Management
1.2   Elect  Director Nelson B. Leenhouts       For       For        Management
1.3   Elect  Director Edward J. Pettinella      For       For        Management
1.4   Elect  Director William Balderston, III   For       For        Management
1.5   Elect  Director Alan L. Gosule            For       For        Management
1.6   Elect  Director Leonard F. Helbig, III    For       For        Management
1.7   Elect  Director Roger W. Kober            For       For        Management
1.8   Elect  Director Clifford W. Smith, Jr.    For       For        Management
1.9   Elect  Director Paul L. Smith             For       For        Management
1.10  Elect  Director Amy L. Tait               For       For        Management
2     Ratify Auditors                           For       For        Management


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ISTAR FINANCIAL INC.

Ticker:       SFI            Security ID:  45031U101
Meeting Date: MAY 25, 2004   Meeting Type: Annual
Record Date:  APR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jay Sugarman              For       Withhold   Management
1.2   Elect  Director Willis Andersen, Jr.      For       For        Management
1.3   Elect  Director Robert W. Holman, Jr.     For       For        Management
1.4   Elect  Director Robin Josephs             For       Withhold   Management
1.5   Elect  Director John G. McDonald          For       Withhold   Management
1.6   Elect  Director George R. Puskar          For       For        Management
1.7   Elect  Director Jeffrey A. Weber          For       For        Management
2     Amend Deferred Compensation Plan          For       For        Management
3     Amend Omnibus Stock Plan                  For       Against    Management
4     Ratify Auditors                           For       For        Management


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KIMCO REALTY CORP.

Ticker:       KIM            Security ID:  49446R109
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Martin Kimmel             For       Withhold   Management
1.2   Elect  Director Milton Cooper             For       Withhold   Management
1.3   Elect  Director Richard G. Dooley         For       Withhold   Management
1.4   Elect  Director Michael Flynn             For       Withhold   Management
1.5   Elect  Director Joe Grills                For       For        Management
1.6   Elect  Director David Henry               For       Withhold   Management
1.7   Elect  Director F. Patrick Hughes         For       For        Management
1.8   Elect  Director Frank Lourenso            For       Withhold   Management
1.9   Elect  Director Richard Saltzman          For       For        Management
2     Amend Stock Option Plan                   For       For        Management
3     Separate Chairman and CEO Positions       Against   For        Shareholder


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LIBERTY PROPERTY TRUST

Ticker:       LRY            Security ID:  531172104
Meeting Date: MAY 5, 2004    Meeting Type: Annual
Record Date:  MAR 7, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Trustee M. Leanne Lachman           For       For        Management
1.2   Elect Trustee J. Anthony Hayden           For       For        Management
2     Amend Stock Ownership Limitations         For       For        Management
3     Amend Articles                            For       For        Management
4     Amend Omnibus Stock Plan                  For       For        Management


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PARKWAY PROPERTIES, INC.

Ticker:       PKY            Security ID:  70159Q104
Meeting Date: MAY 6, 2004    Meeting Type: Annual
Record Date:  MAR 23, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Daniel P. Friedman        For       For        Management
1.2   Elect  Director Roger P. Friou            For       For        Management
1.3   Elect  Director Martin L. Garcia          For       For        Management
1.4   Elect  Director Matthew W. Kaplan         For       For        Management
1.5   Elect  Director Michael J. Lipsey         For       For        Management
1.6   Elect  Director Joe F. Lynch              For       For        Management
1.7   Elect  Director Steven G. Rogers          For       For        Management
1.8   Elect  Director Leland R. Speed           For       For        Management
1.9   Elect  Director Lenore M. Sullivan        For       For        Management
2     Amend Non-Employee Director Omnibus Stock For       For        Management
      Plan


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PLUM CREEK TIMBER COMPANY, INC.

Ticker:       PCL            Security ID:  729251108
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Rick R. Holley            For       For        Management
1.2   Elect  Director Ian B. Davidson           For       For        Management
1.3   Elect  Director Robin Josephs             For       For        Management
1.4   Elect  Director David D. Leland           For       For        Management
1.5   Elect  Director John G. McDonald          For       For        Management
1.6   Elect  Director Hamid R. Moghadam         For       For        Management
1.7   Elect  Director John H. Scully            For       For        Management
1.8   Elect  Director Stephen C. Tobias         For       For        Management
1.9   Elect  Director Carl B. Webb              For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Ratify Auditors                           For       For        Management
4     Endorse CERES Principles                  Against   Against    Shareholder


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PROLOGIS

Ticker:       PLD            Security ID:  743410102
Meeting Date: MAY 18, 2004   Meeting Type: Annual
Record Date:  MAR 17, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Stephen L. Feinberg       For       For        Management
1.2   Elect  Director Donald P. Jacobs          For       For        Management
1.3   Elect  Director D. Michael Steuert        For       For        Management
1.4   Elect  Director J. Andre Teixeira         For       For        Management
2     Approve Non-Employee Director Omnibus     For       For        Management
      Stock Plan
3     Ratify Auditors                           For       For        Management


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RAYONIER INC.

Ticker:       RYN            Security ID:  754907103
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Ronald M. Gross           For       For        Management
1.2   Elect  Director Thomas I. Morgan          For       For        Management
1.3   Elect  Director Katherine D. Ortega       For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management


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REGENCY CENTERS CORP.

Ticker:       REG            Security ID:  758849103
Meeting Date: APR 28, 2004   Meeting Type: Annual
Record Date:  MAR 22, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Martin E. Stein, Jr.      For       For        Management
1.2   Elect  Director Raymond L. Bank           For       For        Management
1.3   Elect  Director A. R. Carpenter           For       For        Management
1.4   Elect  Director J. Dix Druce, Jr.         For       For        Management
2     Declassify the Board of Directors         For       For        Management
3     Increase Authorized Preferred Stock       For       For        Management
4     Amend Stock Ownership Limitations         For       For        Management


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ROUSE CO., THE

Ticker:       RSE            Security ID:  779273101
Meeting Date: MAY 6, 2004    Meeting Type: Annual
Record Date:  MAR 10, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Jeremiah E. Casey         For       For        Management
1.2   Elect  Director Roger W. Schipke          For       For        Management
2     Increase Authorized Common Stock          For       For        Management


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SIMON PROPERTY GROUP, INC.

Ticker:       SPG            Security ID:  828806109
Meeting Date: MAY 5, 2004    Meeting Type: Annual
Record Date:  MAR 8, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Birch Bayh                For       For        Management
1.2   Elect  Director Melvyn E. Bergstein       For       For        Management
1.3   Elect  Director Linda Walker Bynoe        For       For        Management
1.4   Elect  Director Karen N. Horn             For       For        Management
1.5   Elect  Director G. William Miller         For       For        Management
1.6   Elect  Director J. Albert Smith, Jr.      For       For        Management
1.7   Elect  Director Pieter S. van den Berg    For       For        Management
2     Ratify Auditors                           For       For        Management
3     Separate Chairman and CEO Positions       Against   Against    Shareholder


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SL GREEN REALTY CORP.

Ticker:       SLG            Security ID:  78440X101
Meeting Date: MAY 19, 2004   Meeting Type: Annual
Record Date:  MAR 31, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edwin Thomas Burton, III  For       For        Management
2     Ratify Auditors                           For       For        Management


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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

Ticker:       HOT            Security ID:  85590A203
Meeting Date: MAY 7, 2004    Meeting Type: Annual
Record Date:  MAR 19, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Eric Hippeau              For       For        Management
1.2   Elect  Director Daniel Yih                For       For        Management
1.3   Elect  Director Kneeland Youngblood       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Declassify the Board of Directors         For       For        Management


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UNITED DOMINION REALTY TRUST, INC.

Ticker:       UDR            Security ID:  910197102
Meeting Date: MAY 4, 2004    Meeting Type: Annual
Record Date:  MAR 1, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Eric J. Foss              For       For        Management
1.2   Elect  Director Robert P. Freeman         For       For        Management
1.3   Elect  Director Jon A. Grove              For       Withhold   Management
1.4   Elect  Director James D. Klingbeil        For       Withhold   Management
1.5   Elect  Director Robert C. Larson          For       For        Management
1.6   Elect  Director Thomas R. Oliver          For       For        Management
1.7   Elect  Director Lynne B. Sagalyn          For       For        Management
1.8   Elect  Director Mark J. Sandler           For       For        Management
1.9   Elect  Director Robert W. Scharar         For       For        Management
1.10  Elect  Director Thomas W. Toomey          For       For        Management
2     Ratify Auditors                           For       For        Management


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VORNADO REALTY TRUST

Ticker:       VNO            Security ID:  929042109
Meeting Date: MAY 27, 2004   Meeting Type: Annual
Record Date:  APR 16, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Trustee Robert P. Kogod            For       For        Management
1.2   Elect  Trustee David Mandelbaum           For       For        Management
1.3   Elect  Trustee Richard R. West            For       For        Management
2     Ratify Auditors                           For       For        Management


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WCI COMMUNITIES INC

Ticker:       WCI            Security ID:  92923C104
Meeting Date: MAY 20, 2004   Meeting Type: Annual
Record Date:  MAR 26, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director F. Philip Handy           For       For        Management
1.2   Elect  Director Jerry L. Starkey          For       For        Management
1.3   Elect  Director Kathleen M. Shanahan      For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
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